STEP 1

STEP 2

Wait for the full loan application form to load on our recommended providers website

STEP 3

Complete the quick and easy Application. Then enjoy your day and await your Loan approval decision. Thank you for using our smart service!

SA Payday Loans Cape Town, Durban, Johannesburg, Pretoria, Port Elizabeth, Nelspruit, Bloemfontein, Kimberly, Polokwane, Pietermaritzburg South Africa
Apply from any Province in South Africa - Western Cape, Gauteng, Kwa-Zulu Natal, Limpopo, Northern Cape, Free State, Eastern Cape, Mpumalanga and North West
Based in South Africa, SA Payday Loans offer personal loans of between R 500 - R 150 000 and you get up to 60 months to repay your personal cash loan. (Qualifying with a low credit score might result in a repayment period of six months for your payday loan.)
Don't delay, if you are in need of cash today, contact SA Payday Loans apply for a personal cash loan by making use of our online personal cash loan application.
Getting a Personal Cash Loan Online has never been this easy. SA Payday Loans now provides an easy to use online application portal, with quick approval for your Personal Cash Loan needs.

The Complete Payday Solution

Paperless, No Paperwork, No Documents
Bad Credit Welcome
Same day Solution
Quick Advance Payday, nearly instant
You may need no credit check
Small and Big Loans

Category: Blog

Ideally, you would have already saved up for your festive shopping, but if you don’t have enough in your savings for all the holiday expenses, you may first think you will use your credit card. However, this might not be the best option, especially if you are already carrying around credit card debt.

A better option might be a short term personal loan and here are the reasons why a personal loan could be the best option for your holiday expenses.

You Know What You Will Pay

With a personal loan, you will borrow a fixed amount of money. Once you have been approved for a loan, your interest rate, the period and the repayment terms will not change over the course of the loan.

You are informed beforehand what you will need to pay each month, which will not change. This means you are able to budget for your repayments a lot easier.

With credit cards, on the other hand, if you don’t pay your balance off in full each month, the repayments you need to make can fluctuate and you will need to pay fees on top of this.

The Interest Might Be Lower

Generally, the interest rate that is paid on a personal loan is lower than your credit card rate. This means that you are able to save money in the long run when you opt for a personal loan for your holiday expenses.

It is important that you shop around for a personal loan that has a low rate, in order to make it beneficial.

You Can’t Spend More

With the festive season, there are many expenses to take into consideration like presents, travel, decorations and more. Putting all of these costs onto a credit card can make these expenses even more expensive because of the interest. Also, with a credit card, you can keep spending, paying it back and spending the amount again and so on, which can lead to greater debt.

With a personal loan, you get a fixed lump sum and you are not able to borrow more on top of this. This means you can avoid overspending, but you should only borrow the amount that you need and can afford.

A good idea is to make a budget before you borrow any money and see how much you will need and stick to this.

No Surprises

The interest rate and terms of the loan are fixed and they will not change for the period of your holiday loan. You also know what you will need to repay from your household budget each month, so there are no surprises.

You will find credit cards offering 0% interest for a certain period of time, which is tempting and can be a good option for some. However, this will only work if you are able to pay off your total balance in full before the promotional period ends, otherwise, you start to incur interest and possibly other fees.

There is an End

A personal loan is perfect for short-term financing as it has a fixed term, which means you will know exactly when the loan will be paid by and then you are done with the obligation. Whereas with a credit card, you can keep using it, which means you may just keep adding to your debt and not really paying it off.

The best thing to do though is to budget and save throughout the year for Christmas, but if you are in a pinch and need some money then a personal loan could be a good idea for you.

The festive season is upon us, which means you are probably already budgeting with your 13thcheque or your performance bonus. The fact is though that the majority of these funds will go towards shopping and buying all those festive treats, gifts and more. You may find that you are finally able to afford those items that you have had your eye on all year long.

However, you should actually want a portion of this extra cash to be saved and you definitely should do this as having a small cushion in the New Year will help to relieve extra pressures that come after Christmas like school fees and other such things.

There is nothing wrong with spending money over the festive season, but with the summer holidays and the festive atmosphere, we do have a tendency to get carried away. You then need to become a savvy shopper over the festive season so that you don’t end up overspending and in a world of debt.

Here are some savvy shopping tips that you can use over the holidays.

Smart Festive Shopping

The first thing that you need to do is to create a budget for the season and create a list of the things that you need. You will need to stick to this list, which should include gifts, drinks, food, any travel, socialising, decorations and so on. The budget that you have should be divided between these items and you will need to make it work and stick to it.

The next thing that you should try and avoid is last minute shopping. If you are able to, you should try and buy ahead of time as this will make sure that you are not left with limited options. Buying ahead of time can help you to avoid panic buying and also spending more than what you can actually afford.

Another good idea is to buy your groceries and food in bulk over this time. You will find that a number of supermarkets will be offering discounts on their prices, so you will definitely be able to find some great deals.

Keep reading for more savvy tips when you are shopping this Christmas…

The one thing that you need to avoid over the festive season is spending pressure. This can come from your children and your family, which can result in you spending more than what you can afford. You need to set expectations beforehand and ensure you don’t fall prey to these pressures. You know what you can afford and you have a plan in place with your list and budget, so stick to it.

The best time for you to cash in on any loyalty points, discount coupons or anything similar is during the festive season. If you earn points, for instance, with your bank and have been saving them throughout the year, then this is the best time to spend them. Also, look online for discount codes for online shops that you are going to use as these will also help you to save money.

If you decide that you will be using your credit card to buy all your festive items then you need to be disciplined, as overspending is a lot easier with a credit card. You also need to make sure that you are able to clear your credit balance in full in the New Year. This is because credit cards can be expensive when they carry a balance and store cards are even worse as they charge a higher interest rate. You need to make sure you can clear these in full and you have budgeted for this.

An option that you do have is to take a personal loan for the festive season, that is equal to the amount that you want to spend. These personal loans will have a lower interest rate than your credit card and the repayments terms are flexible. You should only take a loan if you can afford it and pay it back on time, preferably in the New Year.

If it is possible, you should avoid touching your rainy day savings over Christmas, as this will just put you back financially.

The festive season is about giving and seeing family and friends and even treating yourself to an item or a much needed break, but it doesn’t mean that you have to spend every last cent you have. You just need to be a savvy shopper, have a budget and stick to it. This will then give you a great financial standing for the New Year.

A personal loan is a type of loan that offers flexibility and convenience, which will help you to meet your financial needs. Unlike other loan types like a car loan, a personal loan is unsecured, which means that you are not required to use any of your assets as collateral in order to guarantee the loan.

There are a number of lenders that offer personal loans, which can then make it confusing and challenging to decide which lender you will use, if they are reputable and if the personal loan they are offering is a good one.

Before you start applying for a personal loan, take a look at these 5 characteristics of a good personal loan.

5 Characteristics of a Good Personal Loan

The Interest Rate is Not Obscene

The interest rate that is charged by lenders will depend on the current market rate, but it is also influenced by your credit score. If you have a good credit score, then you will find that you will receive a better rate. If you have bad credit, then you are able to take steps to improve this before you take a personal loan.

A good personal loan is one that has a fair rate that is within the prescribed rate. If the interest rate is high, then you should look somewhere else as a high interest rate could leave you in more debt.

You will then need to check the rates of lenders and determine who is charging a good rate based on the market and your credit score.

Your Terms Have Flex

The fact is that lenders want and have to be paid no matter what type of loan you take., The difference though between a good and a bad loan is the payment options that lenders offer.

A personal loan should offer an automatic debit facility for convenience, so that you always pay your loan on time. If an automatic debit order is not available, then other convenient options should be offered that are accessible like a bank deposit or an over the counter payment.

Not only should the repayment be convenient, the personal loan terms should also be flexible. This is the amount of time that you are given to repay the loan and interest in full. The term should give you enough time and is based on your capacity to pay the loan on time.

Don’t go just yet…keep reading to make sure you find a good personal loan…

It is What You Need

A personal loan can be used how you like, so there are no restrictions on it. You will need to analyse your needs and ensure that a personal loan is the right option for you and matches your specific needs. Getting the right loan is important depending on the financial situation you are addressing. A good loan will then benefit you and your situation.

Extra Costs? Are They Hiding?

There are lenders that will charge a processing fee, an application fee, an early termination fee and so on and these fees can be hidden. On the other hand, there are lenders that are upfront and honest about any charges or fees they have and they might be willing to waive some fees.

A good personal loan will be transparent about any fees or charges, so you know exactly what you are paying and where your money is going.

The Requirements Can Be Minimal

Personal loans can be hard to get due to the lender taking on more of a risk as you not putting up any collateral to secure the loan, which the lender would be able to seize if you fail to repay the loan.

However, as there is no collateral involved, you will have fewer documents to fill in, but the list of requirements can still be quite long, which makes the application process quite tedious.

That being said there are good personal loans that will only require the minimal requirements, you will often find this with online loan lenders. They will generally only ask for your ID, a recent payslip, bank account information and some personal details.

When you are applying for a personal loan, you should keep these characteristics in mind and to also do your research on any lender to make sure that you are getting a good personal loan from a reputable lender.

Managing money and being good with money is a lot more than just making ends meet. Having good financial skills can make life a lot easier. The way that you spend your money will have an impact on your credit score as well as the amount of debt that you carry around with you.

If you find that you are living pay check to pay check, even though you are actually making more than enough then take a look at these ways that you can improve your financial habits and manage your money better.

Give it Some Thought Before You Spend

When you are facing a buying decision, especially when it is a large purchase then you shouldn’t just assume that you are able to afford it. You first need to confirm that you actually can and those funds are not actually allocated to something else.

Use your budget and the balance that you have both in your cheque and savings accounts to determine whether you are able to afford the purchase. However, if you do have the money, it doesn’t mean that you can buy it. You need to consider bills and expenses that you still need to pay before your next pay check.

The All Important Budget

Many of us don’t budget, because we don’t want to have to go through the laborious process of listing our expenses, adding up the numbers and ensuring that everything lines up. However, if you are struggling with your money or you are just bad with money then you need that budget.

A budget can help you to get your spending on track and it really doesn’t take long to do. A budget adds value to your life and you will start to understand your money better.

Now You Have to Use Your Budget

Your budget is useless unless you use it, so make it and use it so that you can manage your money better. Throughout the month, you should refer to your budget to help guide any spending decisions that you may have.

You must also update your budget as bills are paid and as you spend money on expenses. During a month, you should have a general idea of how much money you are able to spend and any expenses that you still need to pay.

What About Those Unbudgeted Expenses

A vital aspect of your budget is the amount of money that you have left after all your expenses for the month are subtracted from your income. If you have any money left over then you are able to use it for entertainment and a treat, but only up to a certain amount.

You shouldn’t go mad with your money, especially if you do not have a lot left or that amount has to last the rest of the month. You will need to make sure that any purchases you make won’t interfere with anything else that you have planned.

Keep Tacking

Smaller purchases here and there can easily add up and before you realise, you have already overspent on your budget. You will then need to track your spending so that you can identify areas where you are overspending.

You can keep receipts and create a spending journal or you can use a phone app for tracking.

Wait…there are still more tips below…keep reading…

Avoid Commitments Unless You Can Afford It

Your income and credit might qualify you for a certain loan, but that doesn’t mean that you have to take it.

Many people assume that a bank wouldn’t approve them for a loan or a credit card unless they were able to afford it. This is assumed because the bank already knows your income and the debt obligations that you have as these appear on your credit report, but they do not know other obligations that you may have that could stop you from making payments on time.

You will need to determine if you are actually able to afford the monthly repayments and if a loan is actually affordable based on your income and obligations.

Get the Best Price

If you want to make the most of your money then you will need to partake in comparison shopping, so that you can be sure that you are paying the lowest possible price for products and services.

You should also take a bit of time to look for coupons, discounts and cheaper alternatives.

Want That Big Purchase? Then Save Up

You can become better with money when you learn to delay gratification and put off those large purchases. Instead of sacrificing important essentials or placing the purchase on a credit card, you should give yourself time to evaluate whether you really need the purchase and time to compare prices.

If you really do need that large purchase then rather save up for it and avoid using your credit card, so that you don’t pay interest on the purchase. Also, if you save instead of skipping other expenses that you need to pay then you won’t need to deal with the consequences of missing payments.

Keep Your Credit Card Limited

If you are a spender then your worst enemy is your credit card. This is because you have the tendency to run out of cash and turn to your credit cards without even considering if you are able to afford to pay off the balance.

You will need to resist the urge to use your credit card, especially when you can’t afford the purchase.

Make Sure You Save

You should try and put money into a savings account each month, so that you can start to build healthy financial habits. With online banking, you can set up an automatic transfer from your cheque account to your savings each month.

If you are not used to managing money, then at the beginning it can be difficult to plan ahead and too put off those purchases until you are able to afford them. However, the more you make these habits part of your everyday life, then the easier it will become to manage your money and you will notice that your finances improve.

Are you feeling overwhelmed by credit card debt? Are you finding that you are struggling to make payments? You are able to take out a personal loan to tackle this problem, but before you do, you will need to understand the different pros and cons of doing this.

A personal loan does have the ability to set you on the right path and aid you in getting rid of your credit card debt, but if you use the personal loan irresponsibly then you could find yourself in more problems.

Credit card debt is expensive and this is mainly due to the high interest rate that is charged. If you are behind on your credit card debt then you are probably dealing with a high interest rate. A personal loan could be a viable option for you.

What is a Personal Loan?

A personal loan is a financial product, which is usually unsecured, although you will be able to find secure options. A personal loan works in the same way that other loans do, but they can be used on anything and are often used for home improvements, medical bills, debt consolidation and more.

A personal loan is then a loan that can be used for unexpected personal expenses, which can include consolidating your credit card debt so that your repayment process is improved. As with any other loan, a personal loan comes with interest rates, repayment terms, late penalty fees and other such things.

The Pros of Using a Personal Loan for Credit Card Debt

There are a number of advantages of using a personal loan to pay off your credit card debt. These advantages include:

Lower Interest Rates

Generally, a personal loan will have a lower interest rate when compared to your credit card, which will then save you money on the interest. If you have good credit then you will find that you will have a good chance of getting a low interest rate on the personal loan. If this is the case and you qualify for an interest rate that is lower than what you are currently paying then a using a personal loan to pay off your credit card debt is a viable option.

Single Payment

If you are struggling with multiple credit cards with multiple debts, then you will be making multiple repayments each month with various interest rates. You can use a personal loan to consolidate these balances together so they are housed under one interest rate. You will then benefit from just having one repayment to make each month and manage, which will make things easier and budget planning becomes easier.

Faster To Pay

When you choose to use a personal loan to pay off your credit card debt, then you might find that you are able to pay off your debt a lot quicker. This is because you will just have one payment to make and a lower interest rate. You may then find you can pay more than the minimum amount each month, so you can pay off the loan faster.

You might be wondering about the cons…

The Cons of Using a Personal Loan for Credit Card Debt

As with anything, there are a few disadvantages to using a personal loan, especially if you are not financially responsible or disciplined. Here are some of the disadvantages of taking a personal loan to pay off your credit card debt.

Potential for Higher Interest

Usually, the interest that you pay on a personal loan will be less than the interest that you pay on your credit card. However, if you have poor or bad credit then you may find that you have to pay more in interest as you have a lesser chance of qualifying for a low rate. No matter what your credit is, you will need to compare personal loan offers so that you can find a lender that offers a low interest rate to ensure that taking a personal loan for debt consolidation is worthwhile.

Same Spending Habits

If you have a high credit card balance because of bad spending habits then using a personal loan to pay off your credit card will not guarantee a difference if you do not change the way you use your credit cards. If you are not responsible and keep the spending habits, which put you in debt in the first place than a personal loan will just mask the problem and will create new debt if you continue to use your credit cards as well.

Slower Payoff

If you are able to pay more than the minimum monthly repayment each month, then you are able to pay off your personal loan relatively fast. However, if you consolidate multiple credit cards and only pay the minimum payment then it will take you longer to pay off your debt. A personal loan to consolidate credit card debt is still a debt and if you manage it poorly then you could just end up in the same boat.

If you are struggling with credit card debt then it is important that you pay it off, but you need to make smart decisions about how you will go about this. A personal loan can be a great option for some, but you will need to do your research and ensure it is the right decision for you and your finances.

If you are able to secure a lower interest rate on your debt then debt consolidation can be a good idea. Make sure that the financials line up in your favour and if they do then look for a favourable personal loan

Travelling through the world of finance can be difficult, especially when you don’t understand all the terms being used by lenders. It is then important for you to learn these personal loan terms so that you can simplify the process, understand it better and ensure that you are getting the loan you want.

Here is a look at 10 personal loan terms you need to know.

The Annual Percentage Rate

The annual percentage rate or APR is the annual loan cost that is expressed as a yearly percentage. The APR will include any fees you pay, the interest rate and the insurance premiums paid to the lender.

Balloon Payment

At the end of your loan term, you will need to pay a lump sum, which is the balloon payment.

Collateral

This is a real and tangible asset that holds a value, that you guarantee the lender in exchange for the loan.

Default

This is what occurs when you fail to repay your loan according to your loan agreement.

Fixed Rate Loan and Adjustable Rate Loan

A fixed rate loan is where the interest rate that you pay is locked at a certain rate by the lender for the term of the loan. Adjustable rate loans are where the interest rate fluctuates according to the market throughout the term of your loan.

Lending Agreement

The lending agreement also called a loan contract is a legally binding document that states the terms of the loan between you and the lender.

Loan Term

This is the length of time that you are given to repay the loan. This term can be expressed in weeks, months or years.

Revolving Credit

This is a type of loan, where you are able to borrow and repay up to a specific limit, whilst the loan is active, like a credit card.

Secured Personal Loans

These type of loans will need you to provide collateral to the lender in order to secure the loan.

Unsecured Personal Loans

With this type of loan, the loan amount is secured with your signature and this is the only guarantee for the loan.

You need to know these basic terms so that when you are looking at personal loans, you understand more about what is being offered by the lender.

If you wanted to apply for a loan in the past, you would need to visit a financial institution, but nowadays you are able to apply for a loan from the comfort of your home with the aid of the internet.

You are able to apply for an online loan at any time of the day so no matter your situation, you are able to get the money you need when you need it.

Here are some great reasons as to why you should consider an online loan.

There are Many Options to Choose From

One of the biggest advantages of applying for a loan online is that you have a number of options to choose from. In the past, you would need to drive around to various banks and lending institutions, but now you have access to a number of lenders all in one place. As you have more options readily available to you, you have the freedom to find the best loan option for you.

When you are shopping for an online lender, you will need to do your research, know the amount of money you need and the interest rate that you are able to get. There are sites that will find you multiple loan offers from various institutions, which allows you to compare loan offers easily.

Many online lenders will offer quick approval, which means you can get the money you need in just a few hours.

Super Convenient

Online loans are super convenient, because you can apply whilst sitting on the couch in your PJs if you wanted to. Online loans are also super quick. The application process usually only takes a few minutes and you can receive your loan amount in a matter of hours.

The loan application process is simple and is conducted online making it easier. You just need to know how much you want to borrow and then factor in the repayment into your budget.

Instant Approval

The process of applying for a loan in person can be quite slow. At a bank, once you have submitted your application, you will need to wait for it to be processed and this time might be too long if you need the money immediately.

Online loan lenders offer instant approval because many online lenders will not conduct any credit checks or they will not run a thorough credit check.

Wait…There are even more great reasons below…

Approval is Not as Strict

Banks have quite a strict approval process for loans. In order to get a loan with a reasonable interest rate, you will need to have a high credit score, a solid credit history and your debt to income ratio needs to be low.

Online loan lenders are less strict, which makes them a great option for those that have low credit scores or no credit history.

Keep Your Finances Private

Some people may find it embarrassing for them to need a loan and they don’t want their friends and family to know that they are in a financial situation. If you go to your local bank then you risk others finding out about your financial hardship.

With an online loan, you are able to keep all your financial matters private. Also, you won’t feel that anxiety or be worried that you might be rejected when you apply for an online loan from your home.

Lower Rates

Banks may offer higher rates and charge more fees than online lenders because they have more overheads to cover, which results in higher rates being offered to applicants.

Online lenders have very few overheads, which means they are able to offer borrowers lower rates and have fewer fees for you to pay. You will usually only need to pay the application fee and the interest rate.

You are also able to get an online loan with fixed rates, which means the repayment won’t fluctuate over the period of the loan. With a lower rate, more of your payment will go towards the principal amount instead of the interest.

Ensure You Have a Budget in Place

Keep in mind that when you accept a loan, you will need to pay the amount as well as the interest.

You should then apply for the lowest amount of money that you can, so that your repayments each month are lower.

Before you decide to apply for a loan, you should create a budget. You will need to determine your monthly expenses and income.

Having a budget in place will help you to determine if you are able to take on another expense. If you are not able to then you might default on the loan, which will damage your credit score and could lead to legal action against you.

Online loans are great, but make sure that you apply through a trusted lender. You need to pay attention to the approval process and the interest rate as well as any other fees charged. If you need money in a hurry then find a lender that has instant approval and same day money.

Online lenders make it easier for you to get the money that you need when you need it. You are able to apply 24 hours a day and receive your money the same day that you applied.

So, you have debt, which isn’t great but on the flip side, you have a little extra money on hand. So, is it better to pay off your loans early or should you just keep on making the normal monthly payments?

You can only make the decision once you have evaluated what you get from the loan against the cost of keeping the loan around. You will be able to save quite a lot of money when you get rid of your loan debt early, but it might not always be the best thing to do.

Here is a look at the benefits of paying your debt early and how you can do this.

The Benefits of Paying Your Debt Early

Save Money by Paying Off Loans

One of the main reasons as to why you would want to pay off your debt early is so that you stop paying the interest, which will then allow you to save money.The interest that you are charged doesn’t actually buy you anything, but rather gives you the ability to pay slowly.

There are loans that can drag on for years and the interest on these can certainly add up. Other loans may have a shorter term, but these generally carry a higher interest rate, which then makes them more expensive. When it comes to high cost debt, you should definitely be paying more than the minimum.

So, when you pay your debt down early, you won’t be able to use that extra money, which could mean that you will not be able to enjoy those extra luxuries in the month or you will have a smaller financial cushion, which may make it harder to pay for any surprise expenses.

Also, you will have to come up with extra money to put towards other goals that you may have like your retirement or making a down payment on a home, for instance.

However, paying off loans early saves you money on the interest and you can stop paying a monthly repayment, which you can then use to save.

Give Your Finances Strength

You will become stronger financially when you pay down debt. The money that you have been putting towards the monthly repayment will become available and you can use this for other purposes and it can be used to fund your other goals.

You will also become a more viable option for lenders. Lenders have to be sure that you have enough money to repay loans and that any loans that you have aren’t eating up too much of monthly income, which is known as your debt to income ratio. Your debt to income ratio improves when you pay off debt and this will help you to secure a loan in the future.

Also, when you pay down debt, your credit score can also improve. Part of your credit score is based on the amount that you are borrowing in relation to the maximum that you potentially could borrow. If you have maxed out then you will have a low credit score, but when you pay down debt that you have, you will create more wiggle room.

Just Relax

There are some that just hate debt, so they pay off loans as soon as possible, which is fine as long as you know what you are doing.

You might be looking for peace of mind so that you don’t have to worry about debt. Your goal might be to eliminate any debt that you have before you retire or you might just be sick of paying monthly payments.

When you are looking at paying off debt, you need to look at the big picture and make a decision that you are able to live with and makes the most financial sense.

So, how can you pay off your debt early?

How to Pay Off Debt Early

In many cases paying off debt earlier just involves sending extra money, whether you pay a little extra each month or you just do it all at once. You can ask your lender how you can do it so that your payments are correctly credited to your account and so that you know exactly the amount you need to send.

Here are some tips on how to pay off debt early.

Just Send Money

The easiest way to pay off your debt early is to pay a little or even a lot extra when you are able to. This is also the hardest strategy to implement as you will need to have discipline to do this.

However, if you are confident in your ability to send extra payments and pay off your debts then just send extra payments.

When you send these extra payments, you should include a note that says ‘apply to principal’ so that your lender doesn’t get confused and they see that you are trying to pay extra. If they need things to be done differently they will contact you.

Just the One Extra Payment

You will be able to pay off debts quicker when you add an extra monthly payment each year. You can pay the extra monthly payment anytime during the year as a lump sum, but if you are like most people and you find it hard to come up with the extra payment, you can spread this extra payment throughout the year.

You can divide the monthly payment by 12 and add that amount to each of your monthly payments. This will help you to pay your debt off earlier.

Try Biweekly Payments

Instead of paying every month, you can look at paying every two weeks, which will be the same as one extra payment per year. When you go for the biweekly option, you will see a huge change in your monthly expenses, but you will also save huge as you pay off your debt over the years.

Help from Your Lender

You should speak to your lender as they may have options available that will help you to pay off your debt more quickly. However, be careful as these programs may have additional fees attached. You need to see if these programs are worth it to you and if they are, then pay the fees.

If you don’t want to pay extra fees, then you can find a way to pay extra and avoid the fees like automatic monthly payments that you can set up through your banks’ online banking portal. Just make sure that you attach a note that says ‘apply to principal’.

When you are paying off your debt, you will need to exercise discipline so that you can get it done. It can be tough to pay extra on your monthly payments but in the long run, you can save money. Make sure that you will be saving more than what it is costing you. You need to make an informed decision about paying off your debt off early but paying off loans early can be a huge financial relief.

Having and raising children is one of those joys in life but raising children does come with quite a large price tag. Usually, we hear that buying a home is the largest expense that we will take on but raising a couple of children can actually exceed that for many people, especially when you factor in the price of education.

However, like most financial decisions, you might want to get everything in order before you decide to have children. Here is a look at money milestones that you should hit before you have kids.

Have a Stable Career

It is vital that you have a secure work situation before you have children. This could be traditional employment, self-employment or a combination of both. You will want to have an established foundation that will be able to support your growing family.

You need to think about the career paths that you can continue on once you have a child and careers that offer a salary that is adequate to cover the expenses of a child as well as your other expenses.

The salary from a job is important, but also look at other benefits like healthcare, maternity/paternity leave, the sick leave or personal leave policy and other such things. After all, you don’t want to have to take a day off to care for a sick child and then find out that you don’t get paid for that day.

Your Disposable Income

The fact is raising just one child is expensive, so you will need to do some calculations so that you can get a better idea of how much a child would cost each year. You can use online calculators to do this. This will determine if you have enough room in your budget to have a child before all the expenses start rolling in.

Making these calculations will give you an idea of how much your disposable income will need to be allocated to raising a child. You can even plan in advance and save up a year or more of these estimated costs so that you are ready to have a child and be able to afford it.

Wait…Here are some more financial milestones…

Create an Emergency Fund

Parenting is an adventure and you can never know what may happen, but it pays to be prepared financially for any unexpected event. Having an emergency fund in place is a true necessity when you have children.

Your emergency fund should be at least three to six months of expenses so that when life’s messes arise like a broken leg or your teens first fender bender, you and your family are protected.

Save for Retirement Before

As children get older, the expenses for them also increases. You should then make sure that you are able to save for retirement before you have a child. Saving for your retirement is solely your responsibility, so being able to contribute to your retirement fund before you have kids helps to secure your future and relieves your children from the financial burden of having to care of you when you are older.

Make Sure You Can Save for Education

Education and especially university is expensive and the cost continues to rise. Many students have to take on a student loan, but these are pricey and can see your child being in debt for years to come.

You are able to relieve the financial burden of education for you and your future children by saving. You need to ensure that you are in a position to save for your kids’ education from the moment they are born or even before so at least by the time they are ready for university, you will be able to pay for it.

If you are not able to save the full amount then you can part pay and perhaps take a personal loan for the rest, that you are able to afford to pay each month. The interest rates on personal loans are lower than other loan types and are flexible in terms of the repayment periods.

Don’t panic if you can’t hit these milestones…

These milestones are of course the best-case scenario, but just because you are not able to hit all of these it doesn’t mean you shouldn’t have children or that you will face financial ruin if you do.

It is best to have a financial plan in place before you have kids, but there are a number of financial products that can help you on your journey when you are raising children. You can consider getting a personal loan for educational purposes provided that you can repay the payments or you can use a loan to pay for an unexpected emergency and pay it back over a few months and so on.

After all, sometimes the best laid plans don’t go the way you want them to and you might not be able to plan right down to the second of when you will have kids. Just be aware of the costs involved and see what you are able to achieve and discover ways that you can reduce your financial worries.

Online banking has been around for years, but nowadays you are also able to find a number of good online lenders to choose from. Online loans are changing the way that we borrow money as you no longer need to fill out the same old forms with your bank.

So, how do you get a loan online and what is the process.

The Benefits of Borrowing Online

Online lenders aim to make borrowing a lot easier and there are a number of benefits when you choose to borrow money through an online lender.

Quick Approval

Online lenders have the ability to pretty much almost tell you immediately whether you have been approved or not.

Traditional banks are different, even if you are able to fill out an online application, you may need to wait a while to find out if you have been approved as someone will need to review the application and then you may still have to visit the branch in person.

Online loans takes this away as the whole process is conducted online and you are able to submit any supporting documents through their system, which makes the approval process a lot quicker.

Better Rates

You should always shop around for a loan and you will find that online lenders will usually charge less than anywhere else. With online lenders, you will usually find lower interest rates and smaller service fees. This is because online only lenders do not carry the same overheads that banks carry with physical branches.

Easier Approval

It is a lot easier to get a loan when you have good credit, but if you are still building credit or if you are suffering with bad credit, then you might find joy with an online lender. You may find that online lenders are more willing to approve you even if you have a lower credit score as they will rather assess your ability to pay the loan back and use information like your income and utility payments, for instance

This then means that approval can be granted to those with low or even bad credit.

Unsecured Loans

The majority of online loans are unsecured, which means you are not required to pledge collateral in order to get approved. If you fail to repay an unsecured loan, then your credit score will drop, but you don’t risk any assets being repossessed.

Wait…You still need to know how you can get an online personal loan…

How to Borrow Online

Getting an online loan is not that much different to the traditional way of getting a loan, but the whole process feels a lot easier and you don’t have to leave your home in order to apply.

With online borrowing, you will need to provide personal information like your ID number and address as well as financial information like your income.

All you need to do is find a reputable online lender and then start the application. These applications can take between 5 and 15 minutes and once you have been approved, you can receive your loan in a matter of hours in some cases.

What About Payday Loans?

When you are looking for online loans, you will get plenty of hits for loans that are payday loans. Payday loans are short term loans that carry a high interest rate. These type of loans can work for you, but they can also work against you.

The idea of a payday loan is to help customers that are in a financial bind and need money quick. The loan is then repaid once you receive your next pay check, which can cause problems for that month. If you do decide to take a payday loan then you need to make sure that you can afford it.

Payday Loans can be recognised in a number of ways.

Firstly the term for the loan is very short in that you have a month to pay the loan back. Rather find a loan where you have months to pay off the debt.

Secondly, the interest rate on payday loans is high. You will need to shop around for the best interest rates and find one that suits you.

Thirdly, payday loans will advertise that they don’t check your credit, but the fact is that you will need to have decent credit to get a decent loan.

Lastly, online lenders that ask for up-front payments should be avoided. Legitimate lenders may charge fees, but these fees will generally come from your loan proceeds.

Payday loans do have a purpose and can help in times of an emergency, but they should be treated with caution.

If you are looking for a loan then you will need to shop around and the great thing about online lenders is that you have the ability to compare loan offers easily. Online personal loans are a great option and the application and approval is easier and quicker, which means you will be able to get the money you need quickly.